Types of Project Budget Template and Budgeting Tips for You

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Making and managing the accurate budget makes a crucial part in a project management. With a great project budget template, it can help you put together a steady budget in a well-rounded project plan. A budget that allows you to predict the costs accurately while managing them during the project, after all, is what you need.

Find the right project budget template for you. You may need to pay attention to what sort of project you will be doing. Even so, in general, the template spreadsheets for project budgeting are designed for any type of project—home remodeling, local community service projects, contract work, and even a large IT project.

Level of Complexity of Your Project

Even so, the complexity of the project is often related to the complexity of the project budget—unless you will be doing a multi-million dollar and multi-year project, you won’t have to invest your money in more complex and expensive software for project budgeting.

Free Project Budget Templates

Meanwhile, the free project budget template spreadsheets are known to be easy to use. To use them, Microsoft Excel is the program required. There are various types of project budget spreadsheets even if they are free, such as a detailed one with work breakdown structure format, where the Gantt chart can be used to define the project schedule in details.

You can also prefer using the basic project budget designed with income section, created based on the general template for business budget. The section to record income sources makes this project budget template ideal for any smaller project like small construction or home remodeling.

Read Also :   Simple Personal Budget Template

Alternatively, you may prefer using the monthly template that is used to define the budget by listing both income and expenses on a monthly basis. For projects of various lengths, you can always delete or insert columns easily. In general, this budget template spreadsheet is a mix between personal budget and earned value management template.

When budgeting for your project, it’s best to document all the assumptions you’ve got as they can be essential as you track the project and review its outcome. It is also recommended to create some contingencies into the budget allotted to the unexpected delays and costs—be sure not to over inflate the budget too much since the project may never start instead.

Remember that when you’re working on a project, regardless of its size, you need to listen to the inputs from all the key parties that play a role as the project is delivered. It’ll help you provide the accurate estimates. Understand the resources as well as costs related to those. Depending on the project, include maintenance for equipment and machines, as well as costs related to individuals such as overtime, time off, and insurance.

With project budget template, you are most likely to work on the planning better for a smooth and seamless execution, regardless of the size of the project you plan on doing. For smaller projects, the free template spreadsheets usually will suffice.

Project Budget Templates Sample

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